The FpML standard was first published by
JPMorgan and
PricewaterhouseCoopers on 9 June 1999 in a paper titled "Introducing FpML: A New Standard for E-commerce". As a result, the FpML standards committee was founded. The core scope includes the products of
Foreign Exchange (FX) Swaps and Options,
Interest Rate Swaps,
Inflation Swaps,
Asset Swaps,
Swaptions,
Credit Default Swaps,
Credit Default Swap Indices and Baskets,
Equity Derivatives,
Equity Swaps,
Total Return Swaps, and many others. The core processes include trading, valuation, confirmation, novation, increase, amendment, termination, allocation, position reporting, cash flow matching, formal definition of party roles, as well as trade notification between asset managers and custodians. As of December 2021, FpML 5.12 is the latest recommended version.{{cite web ==Major participants==